Hanover Bancorp (NASDAQ:HNVR) Trading Down 0.8% – Here’s Why

Hanover Bancorp, Inc. (NASDAQ:HNVR)’s stock price dropped 0.8% during trading on Tuesday . The company traded as low as $21.93 and last traded at $22.64. Approximately 9,125 shares were traded during mid-day trading, a decline of 21% from the average daily volume of 11,535 shares. The stock had previously closed at $22.82.

Analyst Upgrades and Downgrades

Separately, Stephens downgraded shares of Hanover Bancorp from an “overweight” rating to an “equal weight” rating in a research report on Monday, December 9th.

Hanover Bancorp Stock Performance

The firm has a market capitalization of $161.87 million, a PE ratio of 13.63 and a beta of 0.02. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13. The stock’s 50 day moving average price is $24.32 and its two-hundred day moving average price is $22.15.

Hanover Bancorp (NASDAQ:HNVR) last released its earnings results on Wednesday, January 29th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.49 by $0.03. Hanover Bancorp had a net margin of 8.32% and a return on equity of 6.71%. On average, equities analysts expect that Hanover Bancorp, Inc. will post 2.38 earnings per share for the current year.

Hanover Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 19th. Investors of record on Wednesday, February 12th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, February 12th. This represents a $0.40 annualized dividend and a dividend yield of 1.77%. Hanover Bancorp’s payout ratio is 24.10%.

Insider Activity at Hanover Bancorp

In related news, Director Robert Golden sold 2,272 shares of Hanover Bancorp stock in a transaction on Friday, January 31st. The shares were sold at an average price of $26.68, for a total transaction of $60,616.96. Following the transaction, the director now owns 30,420 shares in the company, valued at approximately $811,605.60. The trade was a 6.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last 90 days, insiders have sold 7,533 shares of company stock worth $200,537. 24.76% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hanover Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC acquired a new position in shares of Hanover Bancorp during the 4th quarter valued at $373,000. Citadel Advisors LLC acquired a new position in shares of Hanover Bancorp during the 4th quarter valued at $209,000. 683 Capital Management LLC acquired a new position in Hanover Bancorp in the 4th quarter worth $335,000. Rhino Investment Partners Inc acquired a new position in Hanover Bancorp in the 4th quarter worth $4,628,000. Finally, Jane Street Group LLC acquired a new position in Hanover Bancorp in the 4th quarter worth $249,000. Institutional investors and hedge funds own 15.02% of the company’s stock.

About Hanover Bancorp

Hanover Bancorp, Inc, a bank holding company for Hanover Community Bank, provides personal and business lending and deposit services to businesses, municipalities, and individuals in the New York metro area. The company offers checking, credit cards, debit cards, money market, savings, government and municipal banking, and professional services, as well as time deposits, including certificate of deposit and individual retirement accounts.